Coordinating Maritime Affairs and Investment Minister Luhut Binsar Pandjaitan embarked on a work visit to South Korea to intensify economic cooperation .
[Reporter s Notebook] Financial watchdogs urged to modify customer protection regulation
Posted : 2021-05-26 16:46
Updated : 2021-05-26 16:55 Financial Services Commission Chairman Eun Sung-soo speaks during the opening ceremony of Korea Fintech Week 2021 in Seoul, Wednesday. Yonhap
By Lee Min-hyung
The nation s financial watchdogs are being urged to modify an ineffective set of regulations in the name of protecting the rights of customers.
The Financial Customer Protection Act took effect on March 25, as part of a step to protect customers from any possible risks of investing in risky financial products.
The purpose of the act looks persuasive at this time when most local banks and financial firms have been mired in a nationwide scandal over the mis-selling of certain derivatives and other risk-laden financial products, without having warned customers properly about their inherent risks.
Lack of rules on cryptocurrency confuses market participants
Posted : 2021-05-02 15:47
By Lee Kyung-min
Commercial lenders and cryptocurrency exchange operators remained confused Sunday over an unclear set of revisions that require the former to essentially oversee the latter following the passage of a related bill governing digital coins.
Many of them say the lack of government guidelines on anti-money laundering and risk evaluation methods could derail their current individual screening measures at any moment, given sketchy policy stances influenced by volatile public sentiment.
The Korea Financial Intelligence Unit (KoFIU), an organization in charge of anti-money laundering and combating financing terrorism under the Financial Services Commission (FSC), has yet to provide any guidelines other than: Banks should set up evaluation criteria of their own. This pushed the Korea Federation of Banks to come up with such measures, mostly by relying on outside consultants.